Archives

From Ariyawansa Jayaweera, Kandy special correspondent

"The performance of Commercial Credit Limited for the year 2001/2002 was a reflection of the extremely difficult economic conditions faced by the entire country. The Treasury Bill rate which was 18.22% at the beginning of the year rose to 19.29% by the end of June, 2001 and this had a direct bearing on raising the interest cost of the company, said Vagdevi Fernando, Chairman/Managing Director of Commercial Credit Ltd.

She said that their customers were finding it extremely difficult to maintain their repayment programs for the facilities they had obtained from them. Hence the performance has to be viewed within this framework. Profit margins narrowed considerably with the interest rate on the rise", she said.

The turnover for the year under review 2001/2002 was Rs. 80 million as against Rs. 70 million in the previous year. Profit before taxation was Rs. 4 million. Rs. 1.1 million has been transferred to the Statutory Reserve Fund while Rs. 2 lakhs has been transferred to the General Reserve Fund. The fixed assets of the company have increased to Rs. 52 million and the total capital of the company now stands at Rs. 31.5 million with a revaluation reserve of Rs. 5.2 million, she said. In spite of all the hardships I am happy to say that the directors of Commercial Credit Limited have recommended a dividend of 8% to all shareholders from the profit under review, she said.

The Fixed Deposit Base has increased to Rs. 248 million. The increase in the Fixed Deposit Base is a reflection of the continued trust and confidence placed by the depositors in the company.

The Fixed Savers Deposit Customer Base stands at Rs. 35,000 while savings with the company the fixed savers depositors continue to work on their self-employment projects.

During the year we opened two collection centres at Negombo on October 4, 2001 and at Piliyandala on January 10, 2002 with the hope of giving a quicker and speedier service to our customers. Our first collection centre was opened at Kurunegala during the previous year.

In this ever changing environment of information technology Commercial Credit Limited has placed much importance on being fully computerised and linked with all the branches and its collection centres through a web enabled system.

The staff involved is given an in-house training which has been developed to build professional competence. Self-motivation and flexibility are two essential ingredients which go hand in hand to build a sound business relationship, she said.

News | Business | Features | Editorial | Security
Politics | World | Letters | Sports | Obituaries |

Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager